If you have interacted with anyone who is an entrepreneur, then you have definitely heard them talk about how hard it is starting a business, and what it takes to get the business to the level you aim at.
Biggest challenges when starting a small business and how to overcome them
These challenges have solutions!
Everyone starts a business with the main objective being to succeed, regardless of how big or small the business is. Each and every business faces different kinds of challenges depending on the nature of business that one is doing, but there are common challenges that all businesses share.
Today, however, we are going to look at some of the biggest challenges one is likely to encounter when starting a small business and the various ways in which one can work around these challenges.
Getting the right legal documentation for the business is one of the many challenges small businesses face. The tedious registration process and the charged registration fees sometimes kills dreams of young entrepreneurs.
To mitigate this, the government is urged to subsidize the fees, and reduce time, and the bulk of paperwork required to have a business successfully registered.
Lack of access to adequate financing
Raising capital is a challenge most small business owners will tell you they went through, which also is the reason they opted to have the business small. Here, it is even difficult for one to access credit facilities from money lending institutions, which mainly focus on people who are out to borrow huge sums of money.
To overcome this, it’s prudent one works on a budget of what he or she can afford. It could be from his savings. (Work with your budget).
Before a business picks up, the owner might have to dig deeper into his pocket to service the rent to the premise where the business is located until such a time that the business becomes self-sustainable.
With the digital world, however, one does not need a physical location to start running a business. You can start by selling online through social media or platforms like PigiaMe which links sellers and buyers of various products. Once the business picks, you can now go rent your physical shop.
This is another challenge one is highly likely to experience because you are not the only one opening a small business. There are many others out there and this is where you bring out the best of your creativity by working on something that will make you stand out from the rest of the crowd. You can give discounts, have your business listed on PigiaMe and this will make the business readily available or you can add value to that which you are selling.
When you start a small business, it becomes difficult to hire a professional to push the business to its potential because one may not be able to sustain their salary. For this reason, business owners choose to go for people who don’t necessarily have the expertise but they can pay to work for them. This is not good for the business.
To mitigate this, it is advisable that one hires a few professionals, who can propel the business on an upward trajectory and as the business grows one can add more staff.
Paying to market your business can be too costly, and this makes it a challenge many businesses have to deal with. The shifting market trends, however, have made it possible for even small businesses to get their products out there.
One of the ways small businesses can have their products out there is by leveraging the Digital space and PigiaMe offers such a space. Pigiame links sellers to their unmatched database of buyers. This also gives your business an online presence.
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